Verizon subscribers are being presented with an exclusive opportunity to establish an online high-yield savings account that surpasses the national average savings account rate by over 10-fold and features a reduction on wireless payments. This savings account, in collaboration with Openbank, offers an attractive annual percentage yield (APY) of 4.40%, no monthly charges, and potential savings of up to $180 on wireless bills within the initial 12 months.

The Verizon + Openbank Savings account necessitates a minimum initial deposit of $500 and a balance of $1,000 to unlock discounts, with no monthly maintenance fees involved. The account provides a 4.4% APY, significantly higher than the national average, with FDIC insurance coverage up to $250,000 per depositor.

To receive monthly Verizon bill credits in the first year amounting to $60, account holders must maintain an average daily balance of $1,000 to $9,999.99. Balances ranging from $10,000 to $29,999.99 can receive up to $120 in credits, while balances exceeding $30,000 can attain up to $180 in Verizon bill credits during the initial 12 months following the account opening.

Please note that this savings account does not feature a debit card for cash withdrawals at ATMs. To withdraw funds, customers must transfer them to an external bank account.

To open a Verizon + Openbank Savings account, eligibility is limited to Verizon clients with specific Verizon services and accounts, aged 18 or above, possessing a U.S. residential address and mobile number, and having a mobile device compatible with the Openbank app. Account opening entails completing an online application, followed by funding the account through the Openbank app post-approval.

Openbank is a division of Santander Bank, N.A., a prominent U.S. bank with FDIC insurance coverage for all deposits up to $250,000 per institution, per depositor, per ownership group. Deposits at Santander Bank and its Openbank division are collectively insured and not separately protected.

For those unqualified for the Verizon + Openbank Savings account, there are alternative high-yield savings account options with competitive rates exceeding 4% APY. Explore our comprehensive list of savings accounts offering 4% APY and higher for more choices.